[Ohio Man Sentenced to Nine Years in Prison for Operating $10 Million Crypto Ponzi Scheme] According to The Block, the U.S. Department of Justice has sentenced Ohio resident Rathnakishore Giri to nine years in prison for running a years-long investment fraud scheme that defrauded investors of at least $10 million. Giri pleaded guilty to one count of wire fraud in 2024. In a revised plea agreement submitted before the sentencing hearing, Giri admitted to continuing to solicit funds from investors even after his guilty plea. The Department of Justice stated that Giri falsely promised high returns and guaranteed no risk to principal, while in reality using funds from new investors to pay off earlier ones, a classic Ponzi scheme. The Commodity Futures Trading Commission had previously accused Giri of operating Bitcoin derivatives schemes through multiple entities since 2019 and initiated enforcement action in August 2022. The Department of Justice filed five wire fraud charges against him in November 2022.